Data as of Oct 28, 2026.
NLR vs PAVE: Holdings Overlap & Returns
Over the year to Oct 28, 2026, NLR returned −35.8% to PAVE's +11.4%; 0% of their weight is in the same names.
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Net assets: $3.1bn on Oct 26, 2026 for VanEck Uranium and Nuclear ETF, and $13.6bn on Oct 12, 2026 for Global X U.S. Infrastructure Development ETF.
15% of NLR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Jun 30, 2026.
62% of PAVE's weight is in S&P 500 companies and 38% is outside the index. Holdings as of May 31, 2026.
Pair scorecard
PAVE costs 0.05 points a year less; their one-year returns differ by 47.2 points; PAVE is 4.0 times larger.
Points (pts) are percentage points.
| Measure | NLR | PAVE |
|---|---|---|
| Return | ||
| Total return, 1 year | −35.8% | +11.4% |
| Drawdown | ||
| Below its all-time high | 41.6%, high on Jan 28, 2026 | 10.9%, high on Jun 25, 2026 |
| Against its benchmark | ||
| What it tracks | Nuclear and uranium | Infrastructure |
| Its benchmark, total return, 1 year | +13.4% | |
| Against its benchmark, 1 year | behind by 49.2 pts | |
| Cost and size | ||
| Expense ratio | 0.52% | 0.47% |
| Net assets, as of Oct 12, 2026 | $3.4bn | $13.6bn |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026. Method
Risk and return
Mar 17, 2017 to Oct 23, 2026 · 501 weekly returnsPAVE returned more: +267.9% to +138.6%. PAVE swung slightly less: 24.0% to 24.6%. NLR fell slightly less at its worst: −40.8% to −42.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | NLR | PAVE | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +138.6% | +267.9% | PAVE | Price change plus distributions, reinvested. |
| Annualized | +9.4% | +14.5% | PAVE | Total return as a yearly rate. |
| Price return | +86.6% | +246.3% | PAVE | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 24.6% | 24.0% | PAVE (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.9% | 16.5% | PAVE (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −40.8% | −42.2% | NLR (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.39 | 0.58 | PAVE | Return above Treasury bills per unit of volatility. |
| Sortino | 0.56 | 0.84 | PAVE | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.23 | 0.34 | PAVE | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 501 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, NLR and PAVE hold 0% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jun 30, 2026.
half
0% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | NLR | PAVE | NLR | PAVE |
| 3 months | −6.5% | −3.0% | −10.9 pts vs ACWI | not measured |
| 6 months | −30.2% | −3.1% | −37.6 pts vs ACWI | not measured |
| 1 year | −35.8% | +11.4% | −49.2 pts vs ACWI | not measured |
| 3 years | +54.0% | +92.8% | −34.9 pts vs ACWI | not measured |
| Since launchNot the same days: NLR Aug 2007 · PAVE Mar 2017 | +66.1% | +284.2% | not measured | not measured |
Side by side
As of Oct 28, 2026. Source: ETFIQ.
0% of the two portfolios are the same securities at the same weight.
NLR and PAVE are built for the same job. How do they differ in cost, holdings and results?
- Theme. NLR covers Nuclear and uranium and PAVE covers Infrastructure.
- Concentration. The top ten holdings are 61.1% of NLR and 32.3% of PAVE, a gap of 28.8 points.
- What each follows. NLR follows Nuclear and uranium and PAVE follows Infrastructure.
Data as of Oct 28, 2026.
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NLR
By weight, 15% of NLR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 61% of the fund across 25 positions, as filed for Jun 30, 2026. Over the year to Oct 28, 2026 the fund returned −35.8% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was behind by 49.2 pts. It sits 41.6% below its all-time high of Jan 28, 2026.
PAVE
By weight, 62% of PAVE's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 32% of the fund across 100 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned +11.4% with distributions reinvested. It sits 10.9% below its all-time high of Jun 25, 2026.
Questions people ask
- Do NLR and PAVE hold the same stocks?
- By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, NLR against PAVE, data as of Oct 28, 2026. https://etfiq.com/compare/themes/nlr-vs-pave
ETFIQ. (Oct 28, 2026). NLR against PAVE. Retrieved from https://etfiq.com/compare/themes/nlr-vs-pave
[NLR against PAVE (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/nlr-vs-pave)
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